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NJ solar renewable energy credit prices falter; class I markets edge up

Solar and nonsolar renewable energy credit prices at markets around the country were varied in overall thin trading to end December and the year.

During the week ended Dec. 27, New Jersey energy year 2019 solar RECs declined more than 50 cents in value from the week prior, coming in at an index of $228.13/MWh.

New Jersey SREC prices dipped against a backdrop of ample supply and limited buying interest. According to recent data posted by the New Jersey Office of Clean Energy, the state boasted more than 2,640 MW of solar capacity as of Oct. 31.

Class I market in the Garden State moved slightly higher during the period under review. New Jersey 2019 class Is notched a weekly average at $6.13/MWh, up 6 cents from the week prior.

Washington, D.C., SREC prices remained unmoved during the week ended Dec. 27, with 2018 values at $342.50/MWh and 2019 at $355.00/MWh.

The Council of the District of Columbia on Dec. 18 unanimously approved a bill establishing a 100% renewable portfolio standard for the nation's capital. Bill 22-904 increases the District's existing RPS of 50% by 2032 to 100% by 2032 and the solar energy mandate to 10% by 2041.

The bill, which amends the Renewable Energy Portfolio Standard Act of 2004, would require utilities operating in the district to source all of their electricity from renewable energy over the next 15 years.

The bill would also mandate utilities to source at least 5% of electricity from solar by 2032, would increase the lifetime eligibility of SRECs from three to five years and would move forward the solar carve-out requirement schedule by two years.

Mayor Muriel Bowser has 10 business days to sign the act, veto it or let it pass without her signature. Although she is expected to sign it, a unanimous vote from the council would override any veto from the mayor.

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